M&F Bank posts Q1 profit

Mechanics and Farmers Bank posted a profit of $218,000 in the first quarter, reversing its loss of a year ago.

M&F Bancorp, the corporate parent of the Durham-based bank, reported in financial documents filed with the Securities and Exchange Commission that it posted a profit of 11 cents per share in the first quarter. A year ago it posted a loss of $49,000, or 2 cents per share.

The bank’s first-quarter net income totaled $277,000 before deducting dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009.

Net interest income rose 8 percent to $2.7 million in the quarter.

Never miss a local story.

Sign up today for a free 30 day free trial of unlimited digital access.

More Videos

How UNC Rex is changing emergency mental health care

UNC Rex Healthcare introduced a new holding area for emergency mental health patients on Dec. 12, 2017. It gets psychiatric patients out of the regular emergency room into a quiet area as they wait, sometime for days, for a bed to open in an appropriate facility.